Chennai | Board of India Cements has approved a proposal to raise Rs 500 crore through qualified institutional placements or foreign currency convertible bonds to meet capital expenditure needs, a top official said today.
The Board has approved the proposal for raising an amount not exceeding Rs 500 crore by way of issue of QIP/FCCB/GDR or other Securities to improve the leverage and for meeting normal capital expenditure, India Cements Ltd Vice-Chairman and Managing Director N Srinivasan said at the company’s 68th Annual General Meeting held here.
We have approached the shareholders for approval in this regard, he said.
The company is taking all measures at the operational level to improve the performance in the remaining part of the current financial year, he said and expressed hope that the investment activity would pick up in the coming months following a stable Government at the Centre and thrust on infrastructure development.
During the first half of current financial year, total sales volume including clinker and exports stood at 49.08 lakh tonne compared to 50.89 lakh tonne in the corresponding period of previous year, he said on the performance of the company.
With an improvement in selling prices, the overall EBIDTA for six months was at Rs 350 crore against Rs 329 crore in the first half of last year. The company returned to black in second quarter reporting a net profit of Rs 7.49 crore, he said.
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